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By I. G. Patel (auth.)

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The subject for this conference is exactly the same as the one which I chose some 25 years ago for my dissertation as a post-graduate student at this University. It is naturally tempting for me to wonder whether the questions that appeared to me to be important then are still relevant; and if not, whether this change over the past quarter of a century has some significance wh ich might be worth noting. • Opening address at the Ninth Cambridge Conference on Development Problems, St John's College, Cambridge, 19 September 1972 (slightly abridged).

In other words, instead of dissipating their energies somewhat ineffectively over a wide area, developing countries should choose from time to time certain leading sectors (in exports, import substitution as weIl as supporting activities) for special promotional efforts. This would enable them to acquire competence quickly and decisively in area after area and would give them a diversified capability over time - thus accelerating the tempo of growth and also providing greater insurance against vicissitudes of change.

New York, 1947) facing Introduction p. I. 5. Frank H. Knight, Risk, Uncertainty and Profit (1921, Houghton Miffiin Company, Boston & New York; reprinted with a new preface, 1933, as No. 16 in series of reprints by the London School of Economics and Political Science, London) p. xxx. 2 Some Reflections on Trade and Development* INTRODUCTORY When I was first invited to take part in this Conference on Trade and Development, it was suggested that in my remarks I might 'consider whether the developing countries can go ahead successfully without having to appeal to and to depend upon the trade liberalisation of industrial countries'.

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